In fact, the dollar is now caught in a tug of war between QE3 on the one hand and fears over global growth on the other, leaving it in limbo.

事实上，美元正处于一场拉锯战之中，一面是QE3，一面是市场对全球经济增长前景的担忧，结果美元夹在中间，摇摆不定。

“The market reaction [to economic data] hasn’t been terribly consistent, says Steven Englander, head of forex research at Citigroup.

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“There’s still a risk-off environment and the dollar benefits from that.

花旗集团(Citigroup)外汇研究主管史蒂文·英格兰德(Steven Englander)表示：“市场（对经济数据）的反应并不一致。

Currency traders are comparing the frustration in the market over how to trade the US dollar with the euro crisis earlier this year, when hedge funds gave up trying to profit from falls in the single currency after getting their fingers burnt on the trade in 2011.

“依然存在避险的氛围，美元可以从中获益。

Speculators started shorting the dollar in droves after the Fed confirmed QE3 in September, putting on net short positions on the currency for the first time in a year, according to data from the US Commodity Futures Trading Commission. Yet the dollar index has risen over the same six-week period.

外汇交易员认为，眼下市场对于如何交易美元的不知所措，与今年早些时候的欧元危机不相上下。当时对冲基金放弃了从欧元下跌中获利的努力，因为此前在2011年他们在这种交易中受创颇重。

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